Coming soon to a cinema near you: Arnold Schwarzenegger and Sylvester Stallone on screen together for the first time. What's more, it's brought to you in association with Bollywood.

The two titans of 80s action movies have famously never appeared on screen together before, but are now scheduled to appear in the Bollywood movie Kambakkht Ishq (Incredible Love) alongside star Akshay Kumar.

News of the casting has already been interpreted as the advent of Bollywood as a global player in the movie industry, despite the fact that Stallone and Schwarzenegger will only take cameo roles. "We have signed Sylvester Stallone to be a part of Kambakkht Ishq. We have a certain vision for our production house," producer Sajid Nadiadwala said.

"Since the film is based in Hollywood ... It made perfect sense to appoint casting agents in Hollywood and cast mainstream Hollywood stars. This film is one of our most ambitious ventures to date and we didn't want to leave any stone unturned."

The news comes just days after Indian company Reliance Entertainment, owned by finance magnate Anil Ambani, began negotiations to invest up to $600m in Dreamworks, the studio founded by Hollywood luminaries, Steven Spielberg, Jeffrey Katzenberg and David Geffen. Negotiations are said to have been prompted by Dreamworks' desire to escape from its current arrangement with Paramount Pictures but also, and more intriguingly, a feeling amongst India's biggest investors to move beyond their domestic market.

To be produced at Universal studios and with a budget of more than £11m, Kambakkht Ishq is set to be one of the most expensive Bollywood films of all time. It follows the adventures of an Indian stuntman who moves to Hollywood and has to juggle the demands of avoiding onrushing freight trains with finding love in the Californian metropolis.